The provision of high level knowledge skills in certain sectors of the UK economy has traditionally been delivered by individuals trading as limited company ‘contractors’.
This structure is particularly popular in the following trades:
- Business Consultancy,
- Project Management,
- Interim Management.
This structure proves attractive to both the worker and the client. Both obtain flexibility, outside of the constraints of modern day employment law, and both obtain tax and national insurance savings. Owner managers of such busineses will typically wish to minimise their overall tax leakage. We have developed a wealth of accounting experience in acting for such contractors, who typically require the following mix of our services:
- Start-up assistance (incorporation and tax registrations),
- General support, preparation and submission of annual company accounts and tax returns
- Personal tax returns and annual payroll,
- Registering for VAT under the VAT Flat Rate Scheme,
- Payroll (often annual, minimum salary, schemes),
- Computerising your book-keeping system, including running cloud hosted software,
- Remuneration planning (tax efficient mix of salary and dividends),
- Tax advice relating to IR35 and section 660 Settlements Legislation,
- Advising in relation to the HMRC ’24 month’ rule for reimbursing travel and subsistense costs,
- Advice on per diems, scale rate expenses and P11d dispensations.
Contractors are usually unfamiliar with running their own business. We understand this, and offer the back office tax and accounting support services that will allow you to spend your time more profitably. Your fee income and profits will usually be sufficient to benefit from our specialist tax advice.
Related ServicesTax Investigation Insurance Business Tax IR35 Contract Reviews Start-ups Tax Planning
As an engineering manager, I started my own consultancy business ten years ago, with my wife as co-director. Whiting & Partners guided us in setting up the day to day accounting systems, that even the smallest company has to have, and have since looked after the annual accounts and tax matters.